Appraisal Definitions

Definitions of terms relevant to appraisal practice coming soon... 

To include:
Limiting Conditions:
Extraordinary Assumptions:
Fair Market Value:
Replacement Cost:
Appraisal:
Intended Use:
Intended Users:
Uniform Standards of Professional Appraisal Practice (USPAP): 
 
Competency Rule: USPAP rules state that "An appraiser must: (1) be competent to perform the assignment; (2) acquire necessary competency to perform the assignment; or (3) decline or withdraw from the assignment." 
Scope of Work Rule: For each appraisal,  USPAP rules state "...an appraiser must: 1. identify the problem to be solved; 2. determine and perform the scope of work necessary to develop credible assignment results; and 3. disclose the scope of work in the report."
 

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